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U.S. crude oil production growth helps reduce Gulf Coast imports

graph of crude oil imports to the U.S. Gulf Coast refineries, as explained in the article text In recent years, higher domestic production of light, tight crude oil has led to a reduction in crude oil imports . Certain types of crude oil have been affected more than others; for example, the increased economic availability of domestic light, tight crude oil has virtually eliminated Gulf Coast imports of light crude oil. In the past year, Gulf Coast imports of medium crude oil have also fallen because of increased production from the Eagle Ford , Bakken , and Permian regions. One of the key characteristics of crude oil is its density, measured by API gravity as established by the American Petroleum Institute . Less-dense liquids have higher API gravities. Crude oils with API gravities of 35 or above are considered light; 27 to 34 are medium; less than 27 are […]

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Status on the Bakken ”Red Queen” with Data as per April 2015

This post presents a study of developments of Light Tight Oil (LTO, shale oil) extraction for 8 companies in Bakken(ND) that as of April 2015 had added around 600 (or more) producing wells in the Bakken/Three Forks formations since January 2008. The 8 companies are; Continental Resources, EOG Resources, Hess Bakken Investments, Marathon Oil Company, Oasis Petroleum, Statoil Oil & Gas, Whiting Oil and Gas Corporation and XTO Energy . These 8 companies had around 63% of total LTO extraction from Bakken as of April 2015. The decline in the oil price has so far reduced the number of rigs drilling in Bakken and a decline in total Light LTO extraction in Bakken. This study shows there are differences in responses amongst the studied companies to the oil price decline. As with most other things, size matters, also in Bakken. Figure 1: The chart above (stacked areas) shows developments […]

Posted On : Published By : Tom Whipple
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EU Extends Economic Sanctions on Russia Until End of January

LUXEMBOURG—European Union foreign ministers extended broad economic sanctions on Russia until the end of January 2016, a move designed to give the bloc time to gauge if the Kremlin will fully implement its side of February’s Minsk cease-fire and peace plan by year-end. The EU decision came without a debate among ministers, underlining that despite months of public questioning of sanctions by the likes of Greece and Hungary, the bloc remained united in opposing Russian pressure on Ukraine. That unity will continue to be tested in coming months if the fragile cease-fire holds as pressure grows within the bloc to broaden dialogue with Russian President Vladimir Putin and his government. EU officials have argued that the banking, technology and defense industry sanctions have had a significant impact in weakening Russia’s economy, helping to push the country into recession alongside a sharp drop in the oil price. The sanctions were […]

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Society calls for Scottish fracking review

Royal Society of Edinburgh calls for review of reserve potential and concerns associated with hydraulic fracturing. Photo by photostock77/Shutterstock EDINBURGH, Scotland, June 22 (UPI) — Hydraulic fracturing in Scotland could give the Edinburgh government some autonomy over the energy sector with few environmental impacts, a policy paper read. The Royal Society of Edinburgh, the premier scientific academy in Scotland, said the controversial drilling practice known also as fracking offers Scotland important options for onshore natural gas. "Onshore production of unconventional gas would allow Scotland control over all regulation surrounding extraction and production," the paper read. Fracking involves the use of water, abrasives and a trace amount of chemicals to coax oil and natural gas out of shale deposits. Critics argue the practice carries with it a significant amount of risk, ranging from an increase in minor earthquakes to contamination of regional water supplies. The society’s paper said the environmental […]

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EU welcomes 11th-hour Greek proposals in ‘forceps delivery’

BRUSSELS/ATHENS The European Union welcomed new proposals from Greek Prime Minister Alexis Tsipras as a "good basis for progress" at talks on Monday where creditors want 11th-hour concessions to haul Athens back from the brink of bankruptcy. EU chief executive Jean-Claude Juncker’s chief-of-staff spoke of a "forceps delivery" as officials worked late into the night to produce a deal ahead of a summit of euro zone leaders in Brussels that they hope can keep Greece in the currency bloc. Giving no detail of a proposal he said was also received by the European Central Bank and International Monetary Fund, German EU official Martin Selmayr tweeted: "Good basis for progress at … Euro Summit. In German: ‘eine Zangengeburt’." After four months of wrangling and with anxious depositors pulling billions of euros out of Greek banks, Tsipras’s leftist government showed a new willingness at the weekend to make concessions that would […]

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Risk of Extreme Weather From Climate Change to Rise Over Next Century, Report Says

Photo Drought in Puerto Rico has left the La Plata reservoir nearly empty. A study in The Lancet predicts a growing number of people will be affected by extreme weather over the next century. Credit Alvin Baez/Reuters WASHINGTON — More people will be exposed to floods, droughts, heat waves and other extreme weather associated with climate change over the next century than previously thought, according to a new report in the British medical journal The Lancet. The report, published online Monday, analyzes the health effects of recent episodes of severe weather that scientists have linked to climate change . It provides estimates of the number of people who are likely to experience the effects of climate change in coming decades, based on projections of population and demographic changes. The report estimates that the exposure of people to extreme rainfall will more than quadruple and the exposure of people to […]

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Society will collapse by 2040 due to catastrophic food shortages, says Foreign Office-funded study

The model, developed by a team at Anglia Ruskin University’s Global Sustainability Institute , does not account for society reacting to escalating crises by changing global behaviour and policies. However the model does show that our current way of life appears to be unsustainable and could have dramatic worldwide consequences. Dr Aled Jones, the Director of the Global Sustainability Institute , told Insurge Intelligence : "We ran the model forward to the year 2040, along a business-as-usual trajectory based on ‘do-nothing’ trends — that is, without any feedback loops that would change the underlying trend. "The results show that based on plausible climate trends, and a total failure to change course, the global food supply system would face catastrophic losses, and an unprecedented epidemic of food riots. "In this scenario, global society essentially collapses as food production falls permanently short of consumption." Plastic tree #20, Bolivia 2014 by Eduardo […]

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Oil prices nudge higher as worries ease over Greek debt

SINGAPORE Oil prices nudged higher in Asian trade on Monday, after initially falling on concerns about the outcome of a eurozone meeting on the Greek debt crisis later in the day and continuing worries about global oversupply. Prices rebounded from early lows after a European Commission official tweeted the latest proposal from Greece was a "good basis for progress" in Monday’s talks. "We’re seeing … a snap back from Friday’s losses, which were too aggressive," said Ben Le Brun, market analyst with Sydney’s OptionsXpress. Oil prices fell nearly 2 per cent on Friday over worries about a Greek debt default. "On a 24 hour basis we’ll see some volatility depending on what happens with Greece," said Ric Spooner, chief market analyst at Sydney’s CMC Markets. Brent crude for August delivery was up 8 cents at $63.10 a barrel as of 0559 GMT, after dipping as much as 52 cents […]

Posted On : Published By : Tom Whipple